Guardians of the Public Trust: Reflecting on 50 Years of NAST and the Role of State Treasurers

I had a unique tenure serving as Oregon’s state treasurer from 2001–2008, a period bookended by the 9/11 terrorist attack—occurred while attending the annual NAST meeting in Santa Fe—and the Great Recession’s market collapse. Those crises not only tested my office but compelled me to anchor every decision in building and preserving public trust, guiding Oregon through unprecedented financial turmoil.

As NAST marks its 50th anniversary, I am reminded of the enduring truth that guided my own tenure as state treasurer: stewardship of the public’s resources is both a profound responsibility and a powerful opportunity.And the role of a state treasurer is not simply to manage money—it is to manage trust, for very decision you make carries the weight of public confidence.

When NAST was founded, state treasurers primarily served as custodians of cash—receiving and depositing revenues, managing day-to-day cash flow, and issuing debt to fund public works. Our authority was akin to a state’s chief banker, focused on safekeeping funds and ensuring bills were paid on time.

Over the ensuing decades, treasurers took on expanded responsibilities which grew the importance and value of NAST. We became sophisticated investors, overseeing pension funds and diversified portfolios. We adopted advanced debt-management strategies—using rating agencies, derivatives, and refinancing tools to minimize costs. We also assumed new programs: unclaimed property administration, college savings plans and financial literacy initiatives.

I saw firsthand how these functions translated into real-world impact in Oregon. And through NAST, I had the privilege of working with colleagues nationwide to champion policies that modernized treasury operations, safeguarded public funds, and opened new pathways for citizens to build secure financial futures.

Fifty years on, NAST remains a testament to the power of collaboration, innovation, and integrity in public finance. As you look to the next half-century, the challenges will be different, but the mission will be the same: to safeguard the resources entrusted to you and to manage them wisely for the benefit of all. May NAST continue to meet the future with the same resolve, creativity, and commitment that have defined its first fifty years.

See you in Denver to celebrate NAST!